Antony Waste Handling Cell withdraws IPO

Antony Waste Handling Cell, engaged in municipal solid waste management, on Monday announced withdrawal of its initial public offering (IPO), amid tepid investor response and extreme weak markets.

The public offer was extended till March 16. Price band for the offer was also revised from Rs 295-300 per share to Rs 294-300 per share.

According to a statement by the company on Monday, the IPO saw participation by marquee investors like Massachusetts Institute of Technology and Vantage Equity Fund. However, benchmark indices have witnessed fall of 20 per cent since the filing of the red-herring prospectus driven by the potential economic impact of the coronavirus outbreak and crude oil price shock.

"As the global situation around Covid-19 continues to evolve, investors appear to have entered risk-off mode, leading to investment decisions being impacted. Despite the company deciding to extend the IPO, unprecedented swings in the benchmark indices and a spurt in the Nifty VIX index to its highest in nearly a decade, have rendered market conditions unfavourable for completion of the IPO," it added.

The statement further said, "The company's business continues to do well with strong tailwinds and the decision to withdraw the IPO will not impact the long-term prospects of the company."